CBOE Global Markets is looking to launch futures for Ethereum (ETH) by the end of 2018.
CBOE will reportedly base its ETH futures on Gemini’s underlying market; the operator also based its Bitcoin (BTC) futures on the New York-based crypto exchange run by the Winklevoss twins.
Futures contracts, represent an agreement to buy and sell an asset on a specific future date at a particular price and enable investors to speculate on the price without actually having to own the asset.
The Securities and Exchange Commission (SEC), said that Ethereum was not a security.
The price of ETH turned around from a slight slump on August 31, which could be attributed to these initial reports. The price of Bitcoin showed a similar movement pattern, with a strong uptick on the same day.
It is not easy to predict what any market will do, and this is especially true for cryptocurrencies. However, big moves like this by mainstream financial institutions seem to influence the price of cryptocurrencies.
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